There is no question that the explosive growth of the Internet in recent years has changed classic business and economic models. One area in which this change has been noteworthy is in the auctioning of both new and used products (goods and/or services) via the Internet. Conventionally, participants provide incremental bids to purchase the product and, upon a bid being successful, the purchaser then pays the amount he or she bid to claim title to the product. Although the products offered for sale are usually goods, it is to be appreciated that the bidding procedure may apply equally to services.
When, for example, the product auctioned is a motor vehicle, the bidder may either pay cash for the vehicle or arrange independent finance for the vehicle. During the bidding process the bidder bids on a total purchase price and thus may be unaware of the monthly payment obligations if the purchase is to be financed.